Rent rates rise in Inverclyde

Rent rates rise in Inverclyde

THE cost of renting a property in Inverclyde is on the rise despite a UK-wide slowdown.

The district is among the top 10 performing areas in Britain bucking the trend, according to a new study.

A report by property experts Landbay has ranked Inverclyde in seventh place, with the average cost of renting a property going up by 2.59 per cent in the last year.

It comes despite rental growth in Scotland hitting a record low with just a 0.98 per cent change in the 12 months up to July.

Across the UK, excluding London, the figure was 1.18 per cent — the slowest annual increase in five years.

John Goodall, chief executive and co-founder of Landbay, said: “Rental growth across the UK is stuttering.

“However, there are signs of a recovering market and stronger demand for rental properties.

“On the face of it, landlords have had a tough time in the past two years from increased regulatory pressure to a significant increase in stamp duty costs, yet they have managed to shoulder many of these costs without passing them onto tenants.

“With an interest rate rise on the horizon, many landlords that are stuck on variable rates or those looking to refinance will likely feel the impact.

“Therefore, tenants could be hit by rent rises in the near future as landlords look to recover some of the cost.”

The best-performing area in the UK was Monmouthshire in Wales with an annual increase of 3.22 per cent.

Rental growth in Inverclyde was the second highest in Scotland last year, just behind Stirling with a rate of 2.68.

Aberdeen City recorded the worst results in the UK with the cost of renting a home down by 4.44 per cent followed by a 4.3 per cent slide in Aberdeenshire.

The slump is being blamed on the sharp fall in the price of oil in 2014 and the impact that had on the local economy.

According to estate agents Your Move, the average cost of renting a property in the Glasgow and Clyde area is £598 per calendar month as of June 2018.

This website and associated newspapers adhere to the Independent Press Standards Organisation's Editors' Code of Practice. If you have a complaint about the editorial content which relates to inaccuracy or intrusion, then please contact the editor here. If you are dissatisfied with the response provided you can contact IPSO here